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The strength of the insurance sector can be often taken as an excellent indicator of the state of a nation's economy. Insurance being a discretionary item, spending on it directly reflects the economic sentiments of the general population. In India, the sector has witnessed considerable growth in the last few years and there has been strong demand for insurance products (across both life and non-life categories) due to a variety of factors such as a growing middle class, increasing working population, higher disposable income, greater purchasing power and, above all, growing demand for personal financial security. IT adoption in Insurance Industry is expected to witness a dynamic growth in the ensuing years. Currently, the adoption of IT in insurance industry is undergoing through a dynamic growth rate owing to the growing complexities arising from huge customer base. Insurers primarily implement technology in the areas of customer service, data analytics and process management. The growing demand for insurance has also led to fierce competition between insurers, especially the relatively new private insurers who in their bid to gain a larger share of the market continue to invest in IT and rely on various technology driven innovations. The report begins with a snapshot of the insurance industry which briefs about the facts and figures of insurers operating in India. It lists down the number of insurers operating in the sector along with the segmentation of public and private insurers. Hierarchy of the Indian insurance industry is well illustrated for which gives a brief highlight about the operational model of the industry. It also enlists the primary drivers and challenges for the overall insurance industry. Primary reasons to propel the market forward comprises of young consumer segment, wide range of products, technological advancement and growing middle class, whereas the basic challenges faced by the sector are the tight premium rates and dependence on overseas re-insurers. The report covers a brief description of the global insurance market including the growth rate of the global insurance sector. Further, the report covers a brief description of the insurance market in India including the rate of market growth and the various segments of the insurance market. A detailed time line description of the impact of liberalization on the insurance market in India is also included in the report. Key drivers explain the factors influencing the growth of the insurance market in India in details. Moving along the report features a section on IT landscape of Indian insurers. The section talks about the IT infrastructure of all insurance companies viz. General Insurers, Life Insurers and Health Insurers operating in India. Technology implementation portion in this segment lists down all existing IT infrastructure in great detail. It primarily elaborates on the type of requirements, solutions adopted and the benefits realized thereafter. The section also features a sales intelligence section which enlists the relevant key point of contact of the respective organizations. Netscribes is a market research firm that supports Market Insights, Research & Analytics, Media & Publishing and Content Management. Netscribes services include Sales Insights, Market Intelligence, Social Media Insights, and Brand Surveillance for global clients. Research On India (ROI) is Netscribes’ leading source for market intelligence on emerging sectors in India. Our topics provide a holistic view of an industry and are a spring board for entry strategies, private equity and venture capital investments, investor presentations and management discussions. For more details on the content of the report and our services you can contact us at sales@researchonindia.com Netscribes (India) Pvt. Ltd. launches a report on the IT landscape of Insurance Players in India 2012 as part of Netscribes’ Information Technology Report Series.
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